FED UP

House Puts Pressure on Chinese Yuan

Frustrated by China's unwillingness to revalue its currency, combined with a tough economic climate in the U.S. that competes with cheaper Chinese imports, the House of Representatives voted Wednesday to allow President Obama to impose tariffs on all Chinese goods. While U.S. lawmakers have long tried to pressure China to end their policy of undervaluing the yuan—they feel it gives the Chinese an unfair trade advantage—no president has had the bill come across his desk. The Obama administration has not taken a stance on this bill, and the move is likely more symbolic. Economists are doubtful about the efficacy of this bill, should it pass the Senate, and questioned whether it could really help with U.S. unemployment.